IRC Limited — Capital/Financing Update 2018

Jun 20, 2018

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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(Incorporated in Hong Kong with limited liability) (Stock code: 1029)

ICBC FACILITY UPDATE

Wednesday, 20 June 2018: This announcement is made by IRC Limited (“ IRC ” or the “ Company ”, together with its subsidiaries, the “ Group ”; Stock Code 1029) pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) (“ Listing Rules ”) and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

As noted in the announcements of the Company of 24 May 2018 and 24 April 2018, the Group has been in discussions with Industrial and Commercial Bank of China Ltd (“ ICBC ”) regarding waivers in respect of the Group’s project finance facility with ICBC (the “ ICBC Facility ”), including obligations of Kimkano-Sutarsky Mining and Beneficiation Plant LLC’s (“ K&S ”) to maintain the debt service reserve account, and the obligations of K&S and its guarantor Petropavlovsk PLC to comply with certain financial covenants.

The Board of Directors of the Company is pleased to announce that ICBC has informed the Company that the waivers have been granted, subject to the fulfilment of certain conditions precedent. Effective immediately upon fulfilment of the conditions precedent, ICBC has granted the Company a waiver from the obligation to maintain the debt service reserve account until the earlier of, the date on which the security under the ICBC Facility is released, and 31 December 2018 (both dates inclusive). The waiver from the obligations of K&S and Petropavlovsk PLC to comply with certain financial covenants will be effective immediately upon fulfilment of the conditions precedent and until the earlier of, the date on which the security under the ICBC Facility is released, and 31 December 2018 (both dates inclusive).

The Company is now working with all parties involved to ensure that all conditions precedents can be fulfilled. Further announcement will be made in due course.

By Order of the Board IRC Limited Yury Makarov Chief Executive Officer

Hong Kong, People’s Republic of China Wednesday, 20 June 2018

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As at the date of this announcement, the Executive Directors of the Company are Mr Yury Makarov and Mr Danila Kotlyarov. The Non-Executive Directors are Mr George Jay Hambro, Mr Benjamin Tze For Ng, and Mr Chi Kin Cheng. The Independent Non-Executive Directors are Mr Daniel Bradshaw, Mr. Chuang-Fei Li, Mr Simon Murray, CBE, Chevalier de la Légion d’Honneur, Mr Jonathan Martin Smith and Mr Raymond Kar Tung Woo.

IRC Limited

6H, 9 Queen’s Road Central Hong Kong Tel: +852 2772 0007 Fax: +852 2772 0329 Email: ir@ircgroup.com.hk Website: www.ircgroup.com.hk

For further information please visit www.ircgroup.com.hk or contact:

Kent Lo

Manager – Communications & Investor Relations Telephone: +852 2772 0007 Mobile: +852 9688 8293 Email: kl@ircgroup.com.hk

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